We've been getting showings and feedback has been good. Our agent says we need to lower the price. What's your opinion?

We've been getting showings and feedback has been good. Our agent says we need to lower the price. What's your opinion?

You’re likely getting fooled by the “good” feedback on your house. Here’s the truth about feedback: unless there is something truly objectionable about the home, most agents who provide feedback will find something nice to say about the house.

You need to learn how to interpret feedback. Whenever a prospective buyer chooses not to make an offer on your listing, it means that he believes he can get a better value for his money by purchasing another house. Once you’ve gotten enough feedback saying buyers believe they can get better value elsewhere, it becomes clear that in order to get an offer on your home, you must provide more value. And the easiest way to give the buyer more value is to lower the price.

National Association of Realtors statistics say that if 10 or more people physically look at your home and you don’t get an offer, then a price reduction is in order. When you realize you need to adjust price, the sooner you do it the better. The longer an overpriced listing sits on the market, the smaller the pool of buyers becomes as prospect after prospect looks at your house and checks it off their list of possibilities because other homes offer more value for their money.